Creative Perks for Super Creative Talent
Businesses are resorting to lavish employee benefits to curb the menace of employee retention.
Kept on the fringes of coffee-break discussions yet remaining an unspoken priority for the workforce, employee benefits have spread their legs out of the sheets of salaries long ago. Even those flipping burgers at grab-n-go kiosks are being offered something or the other as motivation. Why not? Businesses compete for sales and are crossing swords to flatter their employees with giveaways. In Glassdoor’s survey perks made it to the checklist of 57% of job-seekers.
But how did retirement benefits, disability income, and social security find themselves eclipsed by pleasantries such as paid-time-off, vacations, and tuition fee? The taking over of offices by the younger generation is to be blamed. Combine that with the red-carpet entrances of startup unicorns that are moving heaven and earth to have the best talent. There you go. But there are positives to be derived as well. A satisfied workforce is a retained workforce. Moreover, smiling faces add impeccable value to the overall organizational culture.
While many are turning textbook pages to refurbish old-school concepts, here is a dose of what a few companies have been up to:
Free Vacations – How about taking up a part of the travel expenses incurred by your employees? Airbnb does that. The home rental company arranges for a $2000 stipend for its staffers as they make their trip to destinations covered by the company.
Car wash, anyone? – The Biotechnology Company, Genentech, offers a homelike experience within the walls of its campus with grooming services like salons and spas. As if that wasn’t enough, they have onsite car-washing facilities. And to top it all off, they have a dentist.
Parenthood made easy – Spotify is known for its music streaming services. What is known to a few people is that the company gives great relaxation for new parents returning to work. To top-off its six-month paid leaves, it adds a month of flexible work alternatives. Wait, it gets better with the fact that the streaming app offers fertility assistance to employees.
Tuition paid in full! – Starbucks adds the tuition fee of employees to its balance sheet as it recognizes their need for education. The program covers an online bachelor’s degree from Arizona State University. One need only to put in 20 hours of work per week to be eligible for the benefit.
Employers will be best served if they periodically collect feedbacks on their current reward structures. Not only will that shed light on the satisfaction levels of their workforce, but it will also reveal possible ways to entice everyone suitably. Remember, a content workforce is a retained workforce.